Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-12-07

there are no bonds outstanding the pay
ment Of which we have the right TO insist
upon. The contribution to the sinking
fund which furnishes the occasion for the
expenditure in the purchase Of bonds has
been alresdy made for the current year,
so that there is no outlet in that direction.
In the present state Of legislation the
only pretense Of any existing executive
power to restore at this time any part OF
our surplus revenue to the people by its
expenditure consists in the supposition
that the Secretary of the Treasury may
enter the market and purchase the bonds
Of the government not yet due st e rate OF
premium to be agreed upon.
AN ALTERNATIVE.
The only provision OF law from which
C. power could be derived is found in an
appropriation bill passed number of
years ago, and it is subject TO the suspi-
cion that it WAS intended as temporary
and limited in its application, instead Of
comforting continued discretion and au
thority. No condition ought to exist
which would justify the grant Of
power to single official upon his judg-
ment Of it's necessity TO withhold from or
release to the business of the people in an
unusual manner money held in the treas
ury, and thus affect at his will the finan
cial condition OF the country; and If it is
deemed wise to lodge in the Secretary OF
the Treasury the authority in
the present juncture to pur-
chase bonds it should be plainly
vested and provided as far as possible
with such checks and limitations as will
define this officials right and discretion,
and at the same time relieve him from un-
due responsibility.
TIE QUESTION OF PURCHASING BONDS.
In considering the question OF purchas-
ing bonds as g means Of restoring to cir
culston the surplus money accumulated
in the Treasury, it should be borne in
mind that premiums must Of course be
paid upon such purchase, that there msy
be 8 large part Of these bonds held as in
vestments, which csn not be purchased a.
any price, and that combinations among
holders who are willing to sell may IN
reasonably enhance the cost OF such bonds
to the government. It has been suggested
thaa the present bonded debt might be re-
funded at q less rate of interest and the
difference between the old aud new secur-
itg paid in cash, thus fading use
for the surplus in the Treasury.
The success Of this pan Il is apparent
must depend upon the volition Of the
holders Of the present bonds, and it is not
entirely certain that the inducement
which must be offered them would result
| in more financial benefit to the govern
ment than the purchase OF bonds, while
the latter propagation would reduce the
principal OF the Gebt by actual payment
instead Of extending it.
TO DEPOSIT SURPLUS IN BANKS
The proposition to deposit the money
held by the government IN banks through
ont the cOuntrv for use by the people is
it seems to me, exceedingly Objectionable
in principle, establishing TOO close rela-
ticnshlp between the operations of the
government treasury ana the business 0!
the country, and too extensive coming
Ing Of their money, thus fostering an IN
natural reliance IN private business upor
public funds. X this scheme should bt
sdopaed il should only be done as TEN
pOrAry expe3ient to meet en- urgent he
cessity. Legislative and executive { IF ri
should generally be in the opposite direC-
tion and should have tendency TO di
vorce as much and as fast 90 can safely
BE- done the Treasury Department tTo1
private enterprise.
EATRANAGANT APPROPRIATIONS.
! OF course II is not expected that IN
necessary and eXtravagant appropriations
will be made for the purpose Of avoiding
the accumulation Of an excess Of revenue
Such expenditure, beside the democrat
u .tion OF all just conceptions Of public
duty which it entails, stimulates habit
Of reckles6 improvidence not in the less
consistent with the mission oi our people
or the b gu and benefcant purposes OF
our government.
THE GRAVITY OF THE SITUATION.
l have deemed it my duty 10 thus bring
to the knowledge OF my countIymen
as well as to the attention
# their representatives charged with
the responsibility Of legislative re
lief The gravity of our financial si-uation
The failure OF the Congress heretofore t
provide against the dangers which it wa:
quite evident from the very nature O.
The difficulty must necessarily De produced
caused condition CT financial distress
and apprehensions since your last ad
iOurnment which taxed to the utmost al
the authority and eXpedfanEs within eX
ecutive c:DtrOI and these appear now K
be exhausted If disaster results from
the continued inaction Of Congress the re
sponsibillty must rest where it belongs
The situation thus fer considered il
fraught with danger which should bt
fully realized aud though it presents fea
lures of wrong to the people as well g.
peril to the country, it is but result
growing out Of a perfectly palpa0l:
and apparent cause constantly repro
ducing the same alarming circumstances
the congested national treasury and de.
pleted monetary condition in the business!
of the country.
REMEDY FOR TIE SITUATION.
| It need hardly be stated that while tht
present situation demands r~medy ";
can only be saved from like pred1csmen
in the future by the removal Of its cause
Our system of tsXstion by mesns OF WliCE
this surplus is taken from the people anC
put in the public treasury, consists CT I
tariff or duty levied upon importation
from from abroad and internal reVenui
taxes LIVED up N the consumption OF to-
bacco and splrltuous and malt liquors.
must be conceded that none CT the thiDg
subjected to internal revenue taxation
are strictly speaking necessities. There
appears to be no just complsint OF taxa
ton by consumrrs Of these articles, snt
there seems to be nothing so well able Il
bear the burden without hardship to an
portion of the people. But our presen
tariff laws, the vicious, ubiquitous and il